Latest news for  (OTC:IRRRF) Stock

Earnings

News

Guidance

SHEL

Shell 2024 Outlook: Capex Unchanged At Of $22B-$25B; Adjusted Earnings Outlook Net Expense Of $1.9B - $2.3B (Prior $1.7B-$2.3B)

Shell plc (the &lsquo;Company&#39;) today announces the commencement of a&nbsp;$3.5 billion&nbsp;share buyback programme covering an aggregate contract term of approximately three months (the &lsquo;programme&#39;). The purpose of the programme is to reduce the issued share capital of the Company. All shares repurchased as part of the programme will be cancelled. It is intended that, subject to market conditions, the programme will be completed prior to the Company&#39;s&nbsp;Q3&nbsp;2024 results announcement, scheduled for October 31, 2024.
The Company has entered into an arrangement with a single broker consisting of two irrevocable, non-discretionary contracts, to enable the purchase of ordinary shares on both London market exchanges (the London Stock Exchange and/or on BATS and/or on Chi-X) (pursuant to one &lsquo;London contract&#39;) and Netherlands exchanges (Euronext Amsterdam and/or on CBOE Europe DXE and/or on Turquoise Europe) (pursuant to one &lsquo;Netherlands contract&#39;) for a period up to and including October 25, 2024. The aggregate maximum consideration for the purchase of ordinary shares under the London contract is&nbsp;$1.75 billion&nbsp;and the maximum consideration for the purchase of ordinary shares under the Netherlands contract is&nbsp;$1.75 billion. Purchases under the London contract will be carried out in accordance with the Company&#39;s authority1&nbsp;to repurchase shares on-market and will be effected within certain contractually agreed parameters. Purchases under the Netherlands contract will be carried out in accordance with the Company&#39;s authority1&nbsp;to repurchase shares off-market pursuant to the off-market share buyback contract approved by its shareholders and the parameters set out therein.

Buybacks

Shell Commences $3.5B Share Buyback Programme Covering An Aggregate Contract Term Of Around Three Months

Shell (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) reported quarterly earnings of $1.98 per share which beat the analyst consensus estimate of $1.82 by 8.79 percent. This is a 32 percent increase over earnings of $1.50 per share from the same period last year. The company reported quarterly sales of $74.463 billion which beat the analyst consensus estimate of $61.329 billion by 21.41 percent. This is a 0.15 percent decrease over sales of $74.578 billion the same period last year.

Earnings Beats

Shell Q2 2024 Adj. EPADS $1.98 Beats $1.82 Estimate, Sales $74.463B Beat $61.329B Estimate

Macro Economic Events

Econ #s

Economics

U.K. Nationwide HPI (YoY) For July 2.1% Vs. 1.8% Est.; 1.5% Prior

U.K. Nationwide HPI (MoM) For July 0.3% Vs. 0.1% Est.; 0.2% Prior

Advanced Info Service (AIS) Cloud will offer more than 100 Oracle Cloud Infrastructure services and help organizations address relevant regulatory and data sovereignty requirements

ORCL

Advanced Info Service Partners With Oracle To Launch Thailand's First Locally Owned Hyperscale Cloud

<ul>
<li>Valneva obtains exclusive worldwide license for LimmaTech&#39;s S4V&nbsp;Shigella&nbsp;vaccine candidate and adds an attractive Phase 2 clinical asset to Valneva&#39;s R&amp;D pipeline</li>
</ul>
<ul>
<li>LimmaTech to receive upfront payment, is eligible for future milestone and royalty payments, and will collaborate on S4V clinical development through Phase 2</li>
</ul>

VALN

Valneva And LimmaTech Forge Strategic Partnership To Fast-Track Development Of Leading Tetravalent Shigella Vaccine

ING Groep Q2 EPS €0.54 Down From €0.60 YoY, Sales €5.716B Down From €5.759B YoY

Renowned economist and Ford School professor Justin Wolfers criticized a proposal by former President Donald Trump to eliminate taxes on <a href="https://www.benzinga.com/personal-finance/24/07/39956660/donald-trump-swears-to-protect-social-security-but-formerly-referred-to-it-as-a-ponzi-scheme">Social Security</a> for seniors. Wolfers suggested that increasing Social Security benefits would be more beneficial for all seniors, not just the wealthy.
What Happened: Wolfers took the social media platform to X to express his views on Trump&#8217;s proposal. He wrote, &#8220;What&#8217;s going on here? If you want to help all seniors, you raise social security benefits. If you want to help only wealthy seniors, you eliminate taxes on social security. (And if you want to help future seniors, you figure out how to make the system sustainable.)&#8221;
Wolfers&#8217; comments were in response to a recent post by Trump, who had stated, &#8220;Seniors should not pay tax on social security!&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">What&#39;s going on here? If you want to help all seniors, you raise social security benefits. If you want to help only &#x2A;wealthy&#x2A; seniors, you eliminate taxes on social security. (And if you want to help future seniors, you figure out how to make the system sustainable.) <a href="https://t.co/JzNTvCKwP2">https://t.co/JzNTvCKwP2</a>
&mdash; Justin Wolfers (@JustinWolfers) <a href="https://twitter.com/JustinWolfers/status/1818782190555037765?ref_src=twsrc%5Etfw">July 31, 2024</a></blockquote>
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As Trump campaigns for the 2024 presidency, he has <a href="https://www.benzinga.com/personal-finance/24/07/39956660/donald-trump-swears-to-protect-social-security-but-formerly-referred-to-it-as-a-ponzi-scheme">criticized his opponents </a>for advocating cuts to retirement benefits.
During his presidency, Trump's fiscal policy proposals included measures that could have adversely affected Social Security. His 2021 budget suggested reductions to Social Security Disability Insurance, potentially cutting retroactive benefits for disabled workers.
For Medicare, Trump's budget proposals aimed to decrease payments to providers and suppliers, although these <a href="https://www.benzinga.com/personal-finance/24/07/39956660/donald-trump-swears-to-protect-social-security-but-formerly-referred-to-it-as-a-ponzi-scheme">proposals did not become law</a>.
Did You Know?
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades?utm_source=BZprocontent073124" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Why It Matters: This criticism comes at a time when Social Security has been a <a href="https://www.benzinga.com/personal-finance/24/07/39956660/donald-trump-swears-to-protect-social-security-but-formerly-referred-to-it-as-a-ponzi-scheme">hot topic in U.S. politics</a>. Trump, who is currently a presidential candidate, has been vocal about his plans to protect Social Security. This is a shift from his earlier stance, where he referred to Social Security as a &#8220;Ponzi scheme.&#8221;
Wolfers&#8217; criticism also comes amid ongoing debates about the future of <a href="https://www.benzinga.com/personal-finance/24/07/39692868/both-biden-and-trump-say-theyll-protect-social-security-and-medicare-musk-answers-ai-robotics-wi">Social Security and Medicare</a>. Both Trump and President Joe Biden have assured the public that these programs are untouchable. In a recent speech, Biden accused Trump of wanting to cut Social Security and proposed a <a href="https://www.benzinga.com/general/health-care/24/05/38718859/biden-accuses-trump-of-wanting-to-cut-social-security-proposes-to-cut-a-candidate">different area for cuts</a>.
Wolfers, who is known for his insights on economic matters, has previously shared his views on the Federal Reserve&#8217;s monetary policy, suggesting that <a href="https://drupal-cloudfront.benzinga.com/economics/macro-economic-events/23/07/33415036/ford-school-economist-warns-stop-forecasting-rate-cuts-are-coming-anytime-soon">future tightening of monetary policy</a> is still on the table.
Check This Out:
<ul>
<li>Lawmakers Made Huge Investments This Year. <a href="https://www.benzinga.com/gov-trades?utm_source=BZprocontent073124" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Politics

Trump's Social Security Tax Proposal Panned By Economist Justin Wolfers: Increasing Benefits, And Not Eliminating Taxes, Would 'Help All Seniors,' Not Just Wealthy Ones

Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google has introduced new measures to combat the spread of <a href="https://www.benzinga.com/news/24/04/38104457/elon-musk-promises-major-purge-to-wipe-off-overwhelming-explosion-of-adult-content-on-x">explicit deepfake content</a> in its search results.
What Happened: In a blog post on Thursday product manager at Google,&nbsp;Emma Higham, said that the tech giant is introducing new online safety features designed to simplify the removal of explicit deepfakes from Search and prevent them from ranking highly in results.
&#8220;These&nbsp;protections have already proven to&nbsp;be successful in addressing other&nbsp;types of non-consensual imagery, and&nbsp;we&#8217;ve&nbsp;now built the same capabilities&nbsp;for fake explicit images as&nbsp;well,&#8221; she stated.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/40059421/mark-zuckerbergs-meta-blames-hallucination-for-ai-assistant-incorrectly-denying-trump-assassination?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg&#8217;s Meta Blames Hallucination For AI Assistant Incorrectly Denying Trump Assassination Attempt — But What About Google?</a>
Google is also modifying its Search rankings to better manage queries that carry a higher risk of surfacing explicit fake content. Sites that receive a significant number of removals for fake explicit imagery will be demoted in Google Search rankings.
The company disclosed&nbsp;that previous updates have reduced&nbsp;exposure to explicit image results&nbsp;on queries specifically looking for&nbsp;deepfake content by over 70% this year. 
Google is also working on distinguishing between real and fake explicit content so that legitimate images can still be surfaced while demoting deepfakes.
&#8220;While differentiating between this content is a technical challenge for search engines, we&#8217;re making ongoing improvements to better surface legitimate content and downrank explicit fake content,&#8221; Higham noted.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: In January this year, <a href="https://www.benzinga.com/general/entertainment/24/01/36799199/swifties-outraged-as-ai-generated-pornographic-images-of-taylor-swift-circulate-unfiltered-">AI-generated pornographic images</a> of Taylor Swift, which were circulated widely on Elon Musk&#8217;s X, formerly Twitter triggered a major uproar. 
While the platform eventually removed those images, the incident provoked a <a href="https://www.benzinga.com/general/entertainment/24/01/36845419/satya-nadella-says-ai-generated-taylor-swift-deepfakes-are-alarming-and-terrible">wider concern among</a> users, tech behemoths, and lawmakers alike.
Last month, U.S. lawmakers introduced a bill, the&nbsp;Take It Down Act, mandating social media companies like Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and X to <a href="https://www.benzinga.com/news/24/06/39377080/gop-led-bill-seeks-to-hold-facebook-instagram-x-and-other-platforms-responsible-for-policing-and-rem">remove such images from their platforms</a>.
Earlier this month, Meta&#8217;s internal Oversight Board&nbsp;<a href="https://www.benzinga.com/news/24/07/39958917/meta-oversight-board-calls-for-clearer-rules-against-ai-generated-pornographic-content">called for clearer regulations</a>&nbsp;against AI-generated pornographic content. This followed the identification of two pornographic deepfakes of prominent women on Meta&#8217;s platforms.
Musk&#8217;s social media network X also witnessed a <a href="https://www.benzinga.com/news/24/04/38061843/elon-musks-x-is-drowning-in-adult-content-so-much-that-you-cant-scroll-it-in-public">disturbing surge</a> in pornographic content, causing discomfort among its users. The platform subsequently revised its content policy to include an opt-in mechanism for adult content.
Photo Courtesy: Shutterstock.com
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/24/07/40003714/first-iphone-16-models-may-not-have-apple-intelligence-features-as-cupertino-delays-ai-integration-f?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">First iPhone 16 Models May Not Have Apple Intelligence Features As Cupertino Delays AI Integration For iOS 18 Overhaul: Report</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tech

GOOG

GOOGL

Google Takes Action Against Deepfake Porn In Search Results As Others Like Mark Zuckerberg's Meta And Elon Musk's X Also Tackle The Issue

Outlook/Summary
For 2024, the Company anticipates:
<ul>
<li>Total revenues between US$280 million and US$295 million (14%&nbsp;to&nbsp;20%&nbsp;growth), with quarterly fluctuations expected.</li>
<li>Continued progress finding additional APDS patients in the U.S., supported by family testing and VUS validation efforts, and subsequently converting patients to paid Joenja&reg; (leniolisib) therapy.</li>
<li>Increasing ex-U.S. revenues leniolisib - from commercial availability or through our Named Patient Program and other funded early access programs in key global markets.</li>
<li>Completion of leniolisib clinical trials to support regulatory filings for approval in Japan and pediatric label expansion in key global markets.</li>
<li>Progress towards regulatory approvals for leniolisib in the EEA, the U.K., Canada and Australia.</li>
<li>Initiate and advance a Phase II clinical trial for leniolisib in PIDs with immune dysregulation linked to PI3K&delta; signaling to significantly expand the long-term commercial potential of leniolisib.</li>
<li>Continued operating cost investments to accelerate future revenue growth. Our current cash on hand and the continued cash flow from product revenues are expected to be sufficient to fund these investments. No material cash burn is expected prior to the impact of potential acquisition or in-licensing transactions.</li>
<li>Continued focus on potential acquisitions and in-licensing of clinical stage opportunities in rare diseases. Financing, if required, would come via a combination of our strong balance sheet and access to capital markets.</li>
</ul>
No further specific financial&nbsp;guidance&nbsp;for 2024 is provided.

PHAR

Pharming Group Expects 2024 Total Revenue Of $280M-$295M (14% To 20% Growth), With Quarterly Fluctuations Expected

Pharming (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PHAR#NASDAQ">PHAR</a>) reported quarterly losses of $(0.00) per share. The company reported $74.10 million in sales this quarter. This is a 34.97 percent increase over sales of $54.90 million the same period last year.

Pharming Q2 EPS $(0.002) Down From $0.002 YoY, Sales $74.10M Up From $54.90M YoY

ArcelorMittal (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MT#NYSE">MT</a>) reported quarterly earnings of $0.63 per share which missed the analyst consensus estimate of $0.71 by 11.27 percent. This is a 71.36 percent decrease over earnings of $2.20 per share from the same period last year. The company reported quarterly sales of $16.249 billion which missed the analyst consensus estimate of $16.521 billion by 1.65 percent. This is a 12.67 percent decrease over sales of $18.606 billion the same period last year.

Earnings Misses

ArcelorMittal Q2 2024 GAAP EPS $0.63 Misses $0.71 Estimate, Sales $16.249B Miss $16.521B Estimate

Teekay Tankers (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TNK#NYSE">TNK</a>) reported quarterly earnings of $3.11 per share which beat the analyst consensus estimate of $3.04 by 2.3 percent. This is a 29 percent decrease over earnings of $4.38 per share from the same period last year. The company reported quarterly sales of $296.590 million which beat the analyst consensus estimate of $209.579 million by 41.52 percent. This is a 19.98 percent decrease over sales of $370.646 million the same period last year.

Teekay Tankers Q2 2024 Adj. EPS $3.11 Beats $3.04 Estimate, Sales $296.590M Beat $209.579M Estimate

Teekay (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TK#NYSE">TK</a>) reported quarterly earnings of $0.36 per share. This is a 20 percent decrease over earnings of $0.45 per share from the same period last year. The company reported $326.14 million in sales this quarter. This is a 17.52 percent decrease over sales of $395.40 million the same period last year.

Teekay Q2 EPS $0.36 Down From $0.45 YoY, Sales $326.14M Down From $395.40M YoY

2024 Outlook
<ol>
<li>Overall Performance:&nbsp;We expect our EBITDA to grow in line with our medium-term outlook of between 4-8%. The outlook for FY24 reflects our current assessment of inflation and other macroeconomic conditions.</li>
<li>Net Finance Costs:&nbsp;Net pension interest expenses and accretion expenses are expected to be in the range of 220 to 250 million USD per quarter, depending on currency and interest rate fluctuations. We expect the average gross debt coupon in FY24 to be approximately 4%.</li>
<li>Effective Tax Rates (ETR):&nbsp;We expect the normalized ETR in FY24 to be in the range of 27% to 29%. The ETR outlook does not consider the impact of potential future changes in legislation.</li>
<li>Net Capital Expenditure:&nbsp;We expect net capital expenditure of between 4.0 and 4.5 billion USD in FY24.</li>
</ol>

Anheuser-Busch InBev Expects 2024 EBITDA To Grow In Line With Its Medium-Term Outlook Of 4%-8%, And Expects Capital Expenditure Of 4B-4.5B

Anheuser-Busch InBev Q2 Total Volumes Declined By 0.8%, With Own Beer Volumes Down By 1.3% And Non-Beer Volumes Up By 3.4%

The markets have interpreted the recent remarks of Federal Reserve Chair Jerome Powell as more dovish than the official FOMC statement, according to Mohamed El-Erian, the Chief Economic Advisor at Allianz.
What Happened: El-Erian wrote on X, &#8220;Consistent with past experience, the markets are interpreting Fed Chair Powell's remarks at his press conference as more dovish than the FOMC statement.&#8221;
El-Erian shared a screenshot showing the S&amp;P 500 index rising to 5546.69, a 2.03% surge. The index has dropped to 5,522.30 at the time of publishing this article.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Consistent with past experience, the markets are interpreting Fed Chair Powell's remarks at his press conference as more dovish than the FOMC statement.<a href="https://twitter.com/hashtag/economy?src=hash&amp;ref_src=twsrc%5Etfw">#economy</a> <a href="https://twitter.com/hashtag/FederalReserve?src=hash&amp;ref_src=twsrc%5Etfw">#FederalReserve</a> <a href="https://twitter.com/hashtag/markets?src=hash&amp;ref_src=twsrc%5Etfw">#markets</a> <a href="https://t.co/pnwjYozLqM">pic.twitter.com/pnwjYozLqM</a>
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1818724573355164107?ref_src=twsrc%5Etfw">July 31, 2024</a></blockquote>
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The Federal Reserve recently concluded a policy meeting where it decided to maintain the <a href="https://www.benzinga.com/economics/macro-economic-events/24/07/40077882/fed-holds-interest-rates-steady-as-predicted-offers-no-clues-on-potential-septemb">policy interest rate</a> at 5.25%-5.5%. However, Powell hinted at the <a href="https://www.benzinga.com/news/large-cap/24/07/40080168/jerome-powell-finally-concedes-rate-cut-could-be-on-the-table-in-september-stocks-gold-rise-dollar">possibility of a rate cut</a> if inflation and the labor market perform as anticipated.
See Also: <a href="https://www.benzinga.com/economics/macro-economic-events/24/07/40042583/will-powell-hint-at-september-rate-cut-what-major-us-investment-banks-expect-from?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Will Powell Hint At September Rate Cut? What Major US Investment Banks Expect From Fed Meeting</a>
Why It Matters: Economist Claudia Sahm has recently challenged Powell&#8217;s stance on the &#8220;Sahm Rule,&#8221; which predicts recessions. Sahm emphasized the need for immediate easing to combat inflation, following Powell&#8217;s <a href="https://www.benzinga.com/news/24/07/40088882/fed-chair-jerome-powells-stance-on-sahm-rule-challenged-by-recession-indicators-developer-claudia-sa">dismissal of the rule</a> during a press conference.
Additionally, Bill Adams, chief economist for Comerica Bank, noted that the Federal Reserve made a &#8220;dovish change&#8221; in its July statement, indicating that the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40082584/federal-reserve-should-take-the-foot-off-the-brake-and-cut-rates-economist-says">time for rate cuts is near</a>. 
A recent poll found that nearly half of the respondents want rate cuts immediately, rather than waiting until September. The poll reflects <a href="https://www.benzinga.com/federal-reserve/24/07/40071662/fed-shouldnt-wait-until-september-poll-finds-nearly-half-want-rate-cuts-today">growing impatience among investors and analysts</a> for a rate reduction. 
Nobel Prize-winning economist Paul Krugman has also raised concerns about <a href="https://www.benzinga.com/news/24/07/40062132/paul-krugman-warns-of-pre-recession-signals-says-sahm-rule-is-currently-sending-the-right-cautionary">potential pre-recessionary signals</a>, pointing to the Sahm Rule and its implications. Krugman emphasized that the rule is currently sending the right cautionary message. 
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/40004935/after-kim-jong-uns-defense-pact-with-russia-global-economy-could-lose-4-trillion-if-war-erupts-betwe?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">After Kim Jong Un&#8217;s Defense Pact With Russia, Global Economy Could Lose $4 Trillion If War Erupts Between North And South Korea, Warn Experts</a></li>
</ul>
Photo courtesy: Federal Reserve
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Federal Reserve

Markets

Mohamed El-Erian Notes Markets Interpret Fed Chair Powell's Remarks 'As More Dovish Than FOMC Statement'

Anheuser-Busch InBev (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BUD#NYSE">BUD</a>) reported quarterly earnings of $0.90 per share which beat the analyst consensus estimate of $0.87 by 3.45 percent. This is a 25 percent increase over earnings of $0.72 per share from the same period last year. The company reported quarterly sales of $15.333 billion which beat the analyst consensus estimate of $13.561 billion by 13.07 percent. This is a 1.41 percent increase over sales of $15.120 billion the same period last year.

Anheuser-Busch InBev Q2 2024 Adj. EPS $0.90 Beats $0.87 Estimate, Sales $15.333B Beat $13.561B Estimate

Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) is making a significant push into the AI assistant market, aiming to surpass competitors like Apple Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) Siri, Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) subsidiary Google&#8217;s Assistant, Amazon.com Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Alexa, OpenAI&#8216;s ChatGPT and Microsoft Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) Copilot, 
What Happened: Meta CEO Mark Zuckerberg revealed during the company&#8217;s <a href="https://www.benzinga.com/news/earnings/24/07/40081701/meta-platforms-q2-earnings-revenue-beat-eps-beat-strong-guidance-meta-ai-is-on-track-to-be-the-most">second-quarter earnings call</a> that Meta AI &#8220;is on track to achieve our goal of becoming the most used AI assistant by the end of the year.&#8221;
Zuckerberg emphasized Meta&#8217;s strategy to integrate AI across its platforms, including Facebook, Instagram, and WhatsApp. He highlighted the rapid progress and improvements in Meta AI&#8217;s intelligence and features.
Meta&#8217;s unique approach involves an open-source model with its Llama foundation models, which Zuckerberg believes will accelerate innovation and enhance safety in AI development.
Additionally, Meta has launched AI Studio, a platform enabling users to create their own AI agents. Zuckerberg noted the importance of allowing people to create multiple AIs, not just a single assistant.
While Meta AI is still in its early stages, the company reports promising engagement metrics. &#8220;People have used Meta AI for billions of queries since we first introduced it,&#8221; Susan Li, Meta&#8217;s CFO, revealed during the call.
The company is also investing heavily in infrastructure to support its AI ambitions, with significant capital expenditures expected in 2025 to build out AI capacity.
See Also: <a href="https://www.benzinga.com/news/earnings/24/07/40004774/dow-jumps-over-650-points-following-inflation-data-fear-greed-index-moves-to-neutral-zone?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dow Jumps Over 650 Points Following Inflation Data: Fear &amp; Greed Index Moves To &#8216;Neutral&#8217; Zone</a>
Why It Matters Meta&#8217;s aggressive push into the AI assistant market comes at a time when competitors are also ramping up their efforts. In May, Apple Inc. announced plans to overhaul Siri, enabling the <a href="https://www.benzinga.com/news/24/05/39103916/siri-overhaul-apple-to-reportedly-unveil-powerful-ai-driven-voice-command-features-at-wwdc">assistant to control individual app functions</a> using voice commands. This overhaul required a revamp of Siri's underlying software using large language models, a core technology behind generative AI.
In June, Amazon.com Inc. revealed plans for a major Alexa overhaul, integrating <a href="https://www.benzinga.com/markets/equities/24/06/39433128/amazon-plans-major-alexa-overhaul-with-ai-powered-features-report">conversational generative AI</a>. The project, known internally as "Banyan," will introduce a two-tier system with a premium version potentially costing around $5 monthly. This marks the first major update to the voice assistant since its 2014 launch.
Meta&#8217;s AI assistant, powered by the newly launched Llama 3 model, has also integrated real-time search results from Google and Bing. This integration is a <a href="https://www.benzinga.com/markets/equities/24/04/38330972/metas-ai-assistant-now-integrates-real-time-google-search-bing-results-expert-calls-it-the-smart">significant departure from the usual approach</a> adopted by these tech giants, according to Josh Brown, CEO of Ritholtz Wealth Management.
Meanwhile, Meta's second-quarter performance has been impressive, with the company&nbsp;<a href="https://www.benzinga.com/news/earnings/24/07/40081701/meta-platforms-q2-earnings-revenue-beat-eps-beat-strong-guidance-meta-ai-is-on-track-to-be-the-most" target="_blank" rel="noreferrer noopener">beating analyst estimates</a>&nbsp;on both revenue and EPS. This marks the sixth consecutive quarter of surpassing expectations.
The company reported a revenue of $39.07 billion, surpassing the estimated $38.31 billion, and an adjusted EPS of $5.16, beating the estimated $4.73.
Price Action:&nbsp;Meta shares jumped 7.17% in after-hours trading, reaching $508.87 at the time of writing. The regular session on Wednesday ended with a 2.51% increase, closing at $474.83, according to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
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Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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